Zomato receives $150 million funding from Alibaba unit

Zomato receives $150 million funding from Alibaba unit

A unit of China’s Alibaba Group Holding Ltd has invested $150 million in Zomato, valuing the Indian food search and delivery service at more than $1 billion. Ant Financial Services Group, Alibaba’s payment affiliate, is also buying $50 million worth of shares in secondary purchases as part of the transaction.Zomato, which provides services across 24 countries, said it will use the funds to improve products and technology.